Real Estate Information

Los Angeles CA Real Estate Blog

Blog

In today’s highly competitive real estate market, where inventory levels are not keeping up with the constant stream of buyer demand, there are steps you can take to ensure you are most prepared for success when buying a home.

The 3 tips we are going to expand on today come from a recent blog by Trulia entitled, The Skinny on Skinny Inventory. But note that this realtor has a "secret weapon" I use on offers that insures my buyers are the ones selected 99% of the time in multiple offer situations. However, I don't post it anywhere on line; only my buyers get the info when we are about to make an offer and are putting the offer together. Call me and let me represent you on a property and find out the secret!

1. Be Prepared

“Homebuyers should talk with a lender, real estate agent, and a home inspector BEFORE finding a home to make an offer on.”

Being intentional, pre-approved, and prepared will set you up for the accelerated time tables that come with a highly competitive market. If you are the most prepared buyer interested in a home, if you have already secured financial approval, and if you are ready to move fast, your bid will be that much more attractive to a seller.

2. Think Strategically

“Starter homebuyers don’t have a home to sell and can be flexible on closing dates compared to homebuyers who are also trying to sell at the same time.”

If you are one of the many first-time buyers looking for your dream home, know that being strategic and flexible about closing dates can also help your offer stand out from the rest. But don’t fret if you are a homeowner who will also have to sell your own house first – be upfront about your timeline with your agent and with any offers you make.

3. Seek Out the Ugly Ducklings

“Buyers might consider looking for homes that have been on the market for a while and investigate why. The reasons may be a deal-killer but all it takes is one ugly duckling to turn into a swan.”

Finding a fixer-upper or a home that needs a little love might be your best way to guarantee that you are able to find a home in the neighborhood that you want. The worst house on the best block will go for a steal and offer instant equity once you fix it up!

Bottom Line

In today’s market, full of bidding wars and tough competition, finding ways to stand out from the rest by getting creative will improve your chances of having a home to call your own.

At this point now, almost everyone knows that the lack of housing inventory in the starter and trade-up markets is driving prices up and causing bidding wars. At the same time, in the premium home market, a glut of inventory had started to see prices coming down and put buyers in the driver’s seat, creating the beginning of a buyer’s market.

But last week, the National Association of Realtors released their latest findings, which shed some additional light on the impact of inventory levels on sales in each price range. When looking at the below chart, note that the starter market in our pricier neighborhoods begins around $900k so adjust your thinking accordingly!

The chart below shows the National year-over-year difference in sales at each price range.

The under $100K range has shown declines in recent years due to the shortage of distressed homes available for sale (just 5% of sales this past month, compared to 35% in January 2012). Sales in the next two price ranges are no doubt being hindered by low inventory as buyers compete for the same home.

The biggest surprise? This is the first time in years where the $1M and up price range had the highest jump in sales when compared to last year and to all other price ranges (29.1%)! The two price ranges right underneath the $1M range were a close second and third. As the price went up, so did the sales.

With additional inventory available in the higher price ranges, and the economy improving, many luxury buyers are finding it easier to find their dream homes.

Of course, the luxury market in the Hollywood Hills, Beverly Hills Post Office, Bel Air, Beverly Hills and other high end markets in Los Angeles start at well over $1M, where a starter home can be priced at $900k and even higher in places like Malibu, Santa Monica and other beach cities. But the national trend is evident here in Los Angeles as well.

Bottom Line

If you are one of the many homeowners who is looking to sell your starter or trade up home and move up to a luxury home, now is the time!

We have it all here at Beverly Hills Post Office: great canyon neighborhoods and two world class entertainment venues. You don't even need to drive more than 5 minutes from your home for a night on the town in the hills. First is Herb Alpert's Vibrato's Grill for not only great entertainment but fab steaks and fish as well. And we also have Tree People Park's Summer Nights from July through September every year, featuring world class theatre, comedy, music and more! See below for this Sunday's act at Vibrato's!

Call me if you'd like me to share my neighborhood with you.....I'll take you around show you what's happening! Eileen 310 738 3807

Freddie Ravel

His latest release IF MUSIC COULD SPEAK scored two #1 most added in the USA on New Adult Contemporary Radio. This stunning, live concert performance is winning a worldwide legion of fans for its new flavors, its lush orchestrations and vibrant songs symbolic of the four seasons. Featuring the contemporary pianist accompanied by the ninety-member-strong Hour of Power Orchestra, Choir and special guest, Earth Wind and Fire's Verdine White, IF MUSIC COULD SPEAK showcases chart-topping originals, spoken word, freshly re-imagined Mozart and treasured holiday classics.

From his GRAMMY winning releases to the city of Los Angeles naming him the “Keynote Maestro,” Freddie Ravel’s musical prowess burst back on the global stage as the featured keyboardist for the New Carlos Santana Band. A true music catalyst, his concert performances, compositions and recordings span over two decades across six continents, while creating number one hits and collaborations with such icons as Earth, Wind & Fire, Sergio Mendes, Al Jarreau, Prince, India Arie, Yo Yo Ma, Quincy Jones, the Boston Pops and Madonna.

As an expert on music and business integration, Freddie presents his powerful “The Rhythm of Success™ ” Keynote Concerts to companies around the world leaving a proven, peak performance methodology to enhance leadership, collaboration and the management of time. His media appearances include FOX, ABC and Deepak Chopra’s XM Sirius radio show, while serving such clients as IBM, USC, NASA, Apple, Google and Citi.

The Joint Centerof Housing Studies (JCHS) at Harvard University recently released their 2017 State of the Nation’s Housing Study, and their recent data revealed some of the more surprising aspects of the study.

The first two revelations centered around the shortage of housing inventory currently available in both existing homes and new construction.

Regarding Existing Home Inventory:

Inventory of homes for sale across the US dropped in 2016 to historically low levels. This is the 4th consecutive year of low inventory. At this rate we are at about 1/2 the amount of homes on the market to be considered a healthy balance between buyers and sellers.

Regarding New Home Inventory:

Across the country housing construction is at the lowest level of new units since the 1970s! During the 1980s there were 14M new housing starts; in the 1990s there were 15M. Over the last 10 years there has been only 9M. Tell your builder buddies to get crackin'. There are tons of buyers out there who need new housing.

Bottom Line

Homeowners and builders are sitting on a gold mine. Wake up and smell the cash! Put your home on the market if a move is in the short term cards for you. Sellers are getting excellent returns right now. And builders.....what are you waiting for?

JOIN US ONCE AGAIN THIS SUMMER SEASON FOR ENTERTAINMENT UNDER THE STARS AT TREE PEOPLE PARK IN BEVERLY HILLS POST OFFICE AT MULHOLLAND AND COLDWATER CANYON DRIVE!

Every summer Tree People Park in Beverly Hills Post Office hosts a calendar full of music, comedy and theater "under the stars" in this lovely tranquil setting. For a modest fee you can be entertained by some of the best in the business, many of whom are local residents of these great canyons of ours! Pack a picnic dinner or purchase snacks on site and sit in the out door bleacher seats and laugh or cry or sing the night away.